Good morning. US stock futures were mixed in Thursday morning trading as investors assessed moves from regulators to support Credit Suisse.

"The market may be crazy, but that doesn't make you a psychiatrist"

Meir Statman

Top News

US to TikTok: Sell or leave

• According to sources close to the matter, the US has ordered TikTok's Chinese owners to divest their shares or face a ban on the popular video-sharing app.

• TikTok's leadership has been discussing the possibility of separating from ByteDance - its Chinese parent - to help address concerns about US national security risks.

Swiss Central Bank to the rescue for Credit Suisse

• Switzerland's central bank promised to provide Credit Suisse with "liquidity as needed", marking the first time a global bank has received such assistance since the financial crisis over a decade ago.

• The move to support Credit Suisse is designed to stem a crisis of confidence in Switzerland's second largest bank, which has seen a precipitous decline in its share price since it published its 2022 annual report which identified "material weaknesses" in its financial reporting.

Goldman slashes US growth forecast

• Investment banking giant Goldman Sachs slashed its US GDP growth forecast for 2023, warning of heightened economic risk in the aftermath of Silicon Valley Bank and Signature Bank blowups.

• The bank's chief economist Jan Hatzius lowered the GDP forecast by 0.3% saying 2023 full year growth would be roughly 1.2%

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In Other News

Cereal shakeup!

• Food giant Kellogg announced that its global snacking business will be named "Kellanova" after the spin-off of its North American cereal unit.

• The move comes as part of the company's decision to divide itself into two separate units - Kellanova and WK Kellogg, which will focus on the cereal business - to sharpen its focus on each division.

Bye bye...Regards, Nasdaq

• Russian internet company Yandex and e-commerce firm Ozon have been informed by Nasdaq that their stocks will be delisted, more than a year after trading in their securities was suspended.

• Nasdaq suspended trading in the securities of a number of companies operating in Russia days after Moscow's invasion of Ukraine.

Because AI deserves copyright too!

• In a notice published in the Federal Register, the US Copyright Office said it is willing to consider copyright protection for works containing AI-generated material.

• "In the case of works containing AI-generated material, the office will consider whether the AI contributions are the result of 'mechanical reproduction', or instead of an author's 'own original mental concept', to which the author gave visible form" the notice read.

Key Economic Events

• Thursday - ECB's Lagarde Speaks

• Friday - U. Of. Mich. Sentiment

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